Mixed US economic data weighs on Zinc
26/11/2014 09:31
Zinc futures ended lower in the domestic market on Tuesday as investors assessed whether the recent reduction in interest rates in China may lead to a pickup in demand and spur a revival in the world’s second biggest economy. Investors weighed mixed US economic data which showed an upward revision in third quarter growth numbers but a dip in consumer confidence this month and a slowdown in home price gains marred sentiment. US Q3 GDP growth was upwardly revised from 3.5 per cent to 3.9 per cent but the gauge measuring consumer confidence slid to a five-month low of 88.7 in November. Home prices in 20 US cities rose at the weakest pace since October 2012, up 4.9 per cent in September 2014, year on year. At the MCX, Zinc futures for November 2014 contract closed at Rs. 140.25 per 1 kg, down by 0.64 per cent, after opening at Rs. 141.25, against the previous closing price of Rs. 141.15. It touched an intra-day low of Rs 139.90
26/11/2014 09:31
Zinc futures ended lower in the domestic market on Tuesday as investors assessed whether the recent reduction in interest rates in China may lead to a pickup in demand and spur a revival in the world’s second biggest economy. Investors weighed mixed US economic data which showed an upward revision in third quarter growth numbers but a dip in consumer confidence this month and a slowdown in home price gains marred sentiment. US Q3 GDP growth was upwardly revised from 3.5 per cent to 3.9 per cent but the gauge measuring consumer confidence slid to a five-month low of 88.7 in November. Home prices in 20 US cities rose at the weakest pace since October 2012, up 4.9 per cent in September 2014, year on year. At the MCX, Zinc futures for November 2014 contract closed at Rs. 140.25 per 1 kg, down by 0.64 per cent, after opening at Rs. 141.25, against the previous closing price of Rs. 141.15. It touched an intra-day low of Rs 139.90
